- Lately, it’s been hard to escape news about Tesla CEO Elon Musk. The news hasn’t stopped and hasn’t stopped Tesla’s stock from plummeting since he acquired his Twitter two months ago. He’s down 45% since Musk bought his Twitter, and down about 70% since the beginning of the year.
- Amid rumors of softening demand, Tesla has begun offering incentives to new buyers. Some current owners have gotten his 30-day trial version of some of the enhanced Autopilot features. This is usually a paid upgrade.
- Tesla is also offering $7,500 to Model 3 and Model Y buyers in December, as well as various discounts worldwide, including 10,000 miles of free Supercharger.
Tesla CEO Elon Musk’s long and strange journey to acquire social media site Twitter continues to get longer and stranger. As the auto industry watches what’s going on with the microblogging site under the CEO of the world’s most famous automaker, Tesla shareholders aren’t enjoying the ride at all. The price of one of his shares in TSLA will put him just under $200 in early 2022. Currently, the price is just over $123.
There are many reasons for this nearly 70% decline, but the most obvious recent impact has come from Musk’s public visibility on Twitter. Since Musk bought Twitter two months before him, its stock has fallen 45%. The fact that Musk sold $3.6 billion in Tesla stock last week (and he’s almost $40 billion from late 2021) didn’t help: Musk has since decided not to sell Tesla stock in his two years. I made a promise, but I’ve refuted it in the past.Of course, Tesla has been hit by factors other than Musk-related, and tech stocks across the board have fallen this year. Still, ABC News points out that the tech-heavy Nasdaq will only lose about half as much as Tesla after Jan. 1, 2022.
Another factor impacting Tesla’s stock price is declining demand for fully electric vehicles. In response, Tesla has slashed prices on some models and offered current owners of his EVs the company’s Enhanced Autopilot, an advanced driver-assistance version of his Autopilot. is now offering a 30-day free trial. Enhanced Autopilot features include Autopilot Navigation, Auto Lane Change, Auto Park and Call. These features are usually paid upgrades and require certain sensors to be installed. As Electrek points out, Tesla is moving away from having ultrasonic sensors in every vehicle, but these enhanced autopilot features (Autopark, Summon, I haven’t updated the software to operate some parts of Smart Summon.
As for Tesla’s price changes, the automaker began offering US customers a $3,750 discount on two models, the Model 3 and Model Y, in early December. This amount doubled his $7,500 last week for a customer with a delivery this month. Tesla also added another incentive where he offers 10,000 miles worth of free energy at Tesla Supercharger stations for EVs delivered in December. Tesla buyers in other countries are also offered various discounts, with $5,000 for him in Canada and around $850 for China, according to Reuters.
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